题目：Kim's Shock: Geopolitical Risk and Corporate Investment

报告人：薛畅   助理教授  武汉大学经济与管理学院金融系 

主持人： 金樟峰  博士后  浙江大学经济学院

时间：2019年10月11日   星期五    12:00-13:30

地点：浙江大学玉泉校区经济学院418室  

Abstract:

The North Korea nuclear weapon tests precipitated geopolitical risk among northeast Asia countries, bringing exogenous shocks to firm’s investment decisions. We document a decrease in the average investment ratio of Chinese firms following each nuclear test. More importantly, the effects spread from the conflict zone and dwindle as companies distanced away from the test site. We distinguish this particular geopolitical risk from other domestic uncertainties given that the nuclear tests impact areas way beyond a country border. Apart from the geographical feature, we find that the nuclear test effect is larger for Chinese firms that are not owned by the Chinese central government, rely heavily on external finance, or have lower investment irreversibility.

Introduction:

薛畅，武汉大学经济与管理学院金融系助理教授，博士毕业于香港中文大学经济系，研究领域为公司金融、金融发展等，曾在Review of Finance、《经济研究》等国内外期刊发表论文。

CRPE秘书处
2019-9-29